- The Helium price is sustaining above the $5.54 bullish point of interest (POI).
- The summary of technical indicators reflects a neutral perspective on the current phase.
- HNT trading volume surged 3.80% in the last 24 hours.
Launched in July 2019, Helium (HNT) is a decentralized blockchain network for Internet of Things (IoT) devices. The mainnet allows low-powered wireless devices to communicate with each other and send data across its network of nodes. The network rewards users for validating transactions and ensuring stability with the help of a bespoke consensus mechanism called proof-of-coverage (PoC).
Helium has Covered Over 280% Returns in the Last Six Months
HNT price has experienced a massive change, starting from November 2023. The token growth increased by 97.88% in a single month and reflected positive bullish strength for four consecutive months. The cryptocurrency recorded an almost 690% rally during that bullish cycle.
However, the price faced some drawbacks after reaching the $11.15 resistance. It resulted in 33.71% negative growth in February and 10.21% in the current month. Conversely, the price is sustaining above the $5.54 bullish POI looking for buyers.
Helium’s maximum tokens supply is locked at 223 million HNTs. The fully diluted valuation of the cryptocurrency is estimated at around $1.18 billion. It has released 160 million tokens from the maximum supply, which holds a current market capitalization of 855 million.
Price-to-Volume and Social Dominance Analysis
The social buzz of the HNT crypto has been slowly fading away since December 2023. Cryptocurrency dominance has dropped from 0.63% to 0.079% during the four-month timeframe. However, the volume and price remained unbothered by social dominance. Both reflect stability in the current trading phase.
Technical Analysis of the Helium (HNT) Price
The current price slipped below the key exponential moving averages, reflecting a negative signal. The bullish rejection in price at the current level can lead to HNT price on the bullish side. The 200-day EMA is acting as a dynamic support.
Helium price faced heavy selling from the $11.15 resistance. The opposing rally took longer to reach the $5.54 bullish POI, which means the crypto traders have enough trust in this digital asset. The current price is trading at $5.36; a sharp closing above $6.75 can lead the price toward the $9.00 mark. If the price slips below $4.71, the price will be expected to reach $3.25.
The relative strength index (RSI) reflects a neutral perspective on the current price momentum. The RSI line is moving closer to the oversold area, indicating weak bearish strength. RSI is sloping at 31.07 below the signal line.
Summary
Helium price has been reflecting a tremendous amount of growth since November 2023. The cryptocurrency delivered over 280% return in the last six months. However, the price is facing an opposing rally in the current sessions. The price is hovering at the $5.54 bullish POI. HNT crypto can attain the $9.00 mark if a sharp closing above $6.75 happens. Conversely, If the price slips below $4.71, the price will be expected to reach $3.25.
Technical levels
- Resistance Levels: $7.98 and $11.15
- Support Levels: $4.71 and $3.25
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.